A contract is an agreement between two people or companies. It may be for a service or product. It can be as broad or as imaginative as the parties involved are.
What Is A Contract-Contract Consideration
A necessary part of any such agreement is what is called consideration. Consideration is the tit for tat or the quid pro quo. It is the “meat” that the parties exchange. In most contracts the consideration is money in exchange for some product or service. However, there need not be an agreed exchange of money. There may be something else that is the consideration.
Contracts may be in writing or may be oral. In some cases there has to be written signed proof of the agreement for it to be enforceable.In general oral contracts are as binding as written contracts. The advantage of a written contract is that it provides greater clarity. It sets forth what the parties agreed to.
What Is A Contract-Learn More About Contracts
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For more information about contracts see the pages on Wikipedia.
